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LEARNING OBJECTIVES
After you have read this section, you should be able to answer the following questions:
- How are price indices such as the Consumer Price Index (CPI) calculated?
- What is the difference between the CPI and gross domestic product (GDP) deflator?
- What are some of the difficulties of measuring changes in prices?
If nominal GDP increased in Argentina but real GDP did not, then prices must have increased. So now we look in more detail at the measurement of prices.
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